Sunningdale writes down goodwill from earlier acquisitions

By Gurdip Singh
Correspondent

Published: February 13, 2012 6:00 am ET

Related to this story

Topics Mergers & Acquisitions, Injection Molding, Molds/Tooling

SINGAPORE (Feb 13, 1:35 p.m. ET) — Singapore-based Sunningdale Tech Ltd it will be facing a loss in the current fiscal year due to an impairment loss on goodwill of S$23.7 million (US$18.9 million).

This charge will result in an accounting loss for both the fourth quarter and the full financial year, which ended Dec. 31, the company said in a filing to the Singapore Stock Exchange.

The goodwill charges are related to acquisitions of Chi Wo Plastic Moulds Fty Ltd. and Ufe Pte Ltd.

Chi Wo has experienced a slowdown in sales and higher operating costs as wages in China escalated, said Sunningdale Tech. In the case of Ufe, one of the major customers was undergoing an internal restructuring.

“Given these factors, and taking into account the current economic outlook, the group has concluded that it is likely that the fair values of these units have been reduced below their carrying values,” the company said in the filing.

Without this charge, the company would have remained profitable for the quarter and the fiscal year, Sunningdale Tech said in a profit guidance report.


Comments

Sunningdale writes down goodwill from earlier acquisitions

By Gurdip Singh
Correspondent

Published: February 13, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

French investment firm buys Alabama-based CSP Technologies

January 30, 2015 1:10 pm ET

A French investment firm has finalized a deal to buy CSP Technologies Inc., an Auburn, Ala., company that makes specialty plastics packaging.    More

Image

Lubrizol buys Brazil-based coatings technology manufacturer

January 30, 2015 11:50 am ET

Specialty chemicals company Lubrizol Corp. of Wickliffe, Ohio, said it has acquired a Brazilian company that makes coatings technology for products...    More

Image

Lund adds to aftermarket auto products portfolio with buy of Bushwacker

January 29, 2015 2:49 pm ET

Lund International Inc. has expanded its portfolio of plastic aftermarket vehicle accessories by acquiring Bushwacker Inc.    More

Image

Chemtrusion, Mytex Indiana compounding plant set for expansion

January 29, 2015 1:35 pm ET

Japanese and American partners in a compounding plant in Indiana plan to expand the facility.    More

Image

Falcon Plastics expands in South Dakota

January 29, 2015 11:45 am ET

Falcon Plastics Inc. is putting the final touches on a 60,000 square foot addition that will nearly double the size of its Brookings, S.D., manufactur...    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Upcoming Plastics News Events

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events